In my opinion, the most important point that Scott makes about building financial runway is that by living frugally and saving so aggressively within such a short time frame, you develop the mindset and habits required to accumulate wealth AND mitigate risk. 

This puts my lender at risk of letting go of funds 5 weeks before they can secure the deed so it's currently a "no go" unless we can find a way to mitigate their risk.     

Then the Seller will have to fill out a short sale packet with the loss mitigation department of PNC.

But if not, you have a duty to mitigate loss.

You might mitigate that loss by offering landlords more than they would normally get in rent.

My wife called a few companies that were referred to us and they all requested walk-thru's or wind mitigation reports.

If they have an issue we want to mitigate it as quickly as possible beyond the happiness is providing them a reason to stay and not differing issues to result in actual problems.

I do underwriting for loans that help new owners start businesses (usually their first). whether it's worth building really depends on what you need it for. here are some things you might want to include:narrativesource of equity injectionprimary source of repaymentkey risks/mitigating factors subject business: background and overviewmanagement operation: background and experienceownership structureindustry/competitive analysisSWOT (strengths/weakness/opportunity/threat)financials & analysis business projectionsbusiness credit report financial evaluation of guarantorscollateral evaluationjust give you an idea of what to include.

If you write your paper correctly up front you can mitigate a ton of the risk..

Insurance policies and LLCs are designed to help after an incident has taken place and both should be considered, but a thorough assessment of risks and a plan to mitigate those risks will help prevent an incident in the first place making both you and the potential victim better off.I think the choice of insurance or LLC is a personal decision based on your appetite for risk (which is why I try to gain more control and focus strongly on mitigation strategies).